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I had been very busy for last few months, so I was not able to pay my life insurance premium on time and now policy is lapsed for two months now. So can I pay premium now and continue with my policy. My next date of premium payment is in March 2011. Please advise.
Please check with local LIC Office. As per there website -
"Revival of a lapsed policy is considered either on a non-medical or medical basis. This depends on the age of the policyholder at the time of revival, as well as the sum to be revived (sum assured less paid-up value as on the date of lapse). However, if the revival is sought for within six months from the due date of first unpaid premium, revival is effected on receipt of arrears of premium with interest. The interest rate depends upon the date of issue of policy."
It very from policy to policy. I have missed one payment for my term insurance due date Dec. Tried paying premium using online method of LIC and system allowed me to do so. So first check online, if you can do so, otherwise go to branch and do as mentioned by Confused.